CAG uncovers GIDC land scam

Panaji: The Comptroller and Auditor General (CAG) report has also exposed a scam in the Goa Industrial Development Corporation (GIDC), which acquired and allotted 2.24 lakh square metres of land to a company on request for manufacturing copper strips and alloys.

The report states that the company utilised only 27,682
sq mt of land for a period of 17 years. However, the company used the entire
land as collateral to raise loan of Rs 111.60 crore, on which it defaulted,
leading to the lender taking over the land.

The report states that the balance land remained unutilised
for over 15 years and was transferred to another party for non-industrial use
as an exception without following the full due process. When executing the
transfer deed, the GIDC short-recovered transfer fee by Rs 26.61 crore.